bravada

Bravada Drills Additional Higher Grade Results at Wind Mountain Au/Ag Project, Nevada

HIGHLIGHTS

  • Assays for six additional holes from the Resource Upgrade program are reported, increasing to nine holes that intersected thicker zones of near-surface, oxidized, higher-than-average gold and silver grades.
  • Hole WM21-111 (released here) returned 21.3m of 1.235g/t Au & 20.4g/t Ag within an oxidized interval of 77.7m of 0.518g/t Au & 12.1g/t Ag, located ~250m to the southwest of holeWM21-109.
  • Hole WM21-109 (previously released, see NR-07-21, July 12, 2021) returned 10.7m of 1.342g/t Au & 45.3g/t Ag within an oxidized interval of 47.2m of 0.771g/t Au & 24.2g/t Ag.
  • Wind Mountain disseminated mineralization occurs along a +4km-long zone of multiple, gently south-dipping mineralized horizons that are partially offset by post-mineral faults. Drilling confirms that higher grades occur within these horizons along several northeast-, north-, and northwest-trending fracture zones, and that within these fracture zones are narrow intercepts with much higher grades of gold and silver.
  • Feeder target drill holes extended the banded quartz vein zone to +330m beneath overburden and mine waste, and multi-element geochemistry is consistent with vein mineralogy and textures indicating the holes intersected the top of a well-zoned vein system with potentially high-grade gold below current drilling.

Bravada Gold Corporation (TSXV: BVA) (FSE: BRTN) (the "Company" or "Bravada") reports assays for the final 10 In-fill, Expansion, and Exploration reverse-circulation holes drilled at the Company's wholly owned Wind Mountain AuAg Project in northwestern Nevada. The recently completed program totaled 17 holes (2,186.8 metres) and consisted of 13 holes (1,324.3 metres) into under-drilled portions of and potential extensions of the existing oxide resource near the Breeze open pit and four holes (862.5 metres) at the Feeder target to offset a vein zone encountered in hole WM20-102, which intersected 1.5 metres of 0.404gt Au and 269.0gt Ag within a thicker interval of quartz veining with anomalous gold and silver mineralization.

Resource Upgrade Program

Assays from the final six holes of the Resource Upgrade program continue to provide additional encouraging results (see attached summary of drill intercepts). Nine holes of the 13-hole program returned near-surface, thick zones of oxidized gold and silver with higher grades than estimated for those areas in the 2012 Resource Estimate/PEA, confirming our 3D geologic model.

This program focused on a shallow portion of the 2012 Resource with strongly oxidized mineralization that is exposed in surface outcrops and in the small Breeze open pit (Amax 1990's). Disseminated gold and silver mineralization occurs in multiple, gently south-dipping mineralized horizons, which were permeable horizons and possibly boiling horizons. Higher grades occur within the disseminated horizons along several northeast, north, and northwest fracture zones. Within these fracture zones are narrow intercepts of much higher grades of gold and silver mineralization, often with 1.5m and longer drilled intervals returning 1 to +10 grams gold per tonne (g/t) and 50 to +300g/t silver.

President, Joe Kizis, commented, "We are pleased that this phase of the Resource Upgrade program successfully demonstrates that higher grades exist where our 3D model predicts. The holes provide higher confidence to model these zones for our planned Q1 2021 update to the 2012 Resource and PEA in an area that was largely categorized as Indicated Resource, a category that is acceptable for Pre-feasibility Studies, and which may be developed into a near-term Phase I open-pit/heap-leach mining operation."

Wind Mountain - 2021 Drilling Program - Significant Assay Intervals
Resource In-fill/Expansion
 From (metres)ToLengthAu PPMAg PPMAu-eq PPMComments
WM21-1106.112.26.10.1965.20.270Oxide
and21.386.965.50.43218.70.699Oxide
including50.364.013.70.70446.91.373Oxide
and86.993.06.10.22311.60.389Mixed
WM21-1110.013.713.70.3626.90.461Mine dump
and13.791.477.70.51812.10.690Oxide
including25.947.221.31.23520.41.527Oxide
WM21-1120.04.64.60.22211.40.385Mine dump
and15.257.942.70.46513.30.655Oxide
WM21-1130.07.67.60.2797.60.388Mine dump
and15.280.865.50.51515.70.740Oxide
including16.833.516.81.15822.61.481Oxide
and80.889.99.10.1749.60.311Mixed
WM21-1140.012.212.20.3005.80.382Mine dump
and48.870.121.30.2328.40.352Mixed
WM21-11516.838.121.30.2314.80.300Mixed
and64.073.19.10.2595.30.334Unoxidized
   S Feeder Target    
WM21-116149.3158.59.10.1833.60.234Unoxidized (note 6)
WM21-11791.497.56.10.1895.30.265Oxide
and134.1138.74.60.30613.30.496Unoxidized (note 7)
WM21-118108.2117.39.10.12817.30.375Unoxidized
and126.5134.17.60.06241.40.653Unoxidized
WM21-1199.116.87.60.2314.10.290Oxide
and82.388.46.10.24310.00.386Unoxidized
1) Drill intervals of 20 feet or greater averaging greater than or equal to 0.300ppm Au or  0.150 ppm Au-eq as potentially above cut-off 
   grade in open pit/heap leach in Nv.     
2) R.C. drilling with entire sample crushed & puverized to create a 500-gram pulp with 30-gm FA/AAS for Au & 0.5gm ICP for Ag.
3) True thickesses not known, but expected to be ~70% or greater.   
4) Caution: Ag recovery is highly variable in oxidized mineralization, thus 70:1 (Ag:Au) metal-price ratio for Au-eq probably significantly
   over estimates Au-eq for evaluating economics but useful for zoning. Tests needed to evaluate recovery variation by crush size, grade, etc.
5) Rounding errors converting from footages explain conflicts in intervals for metric intervals. 
6) WM21-116 Interval 0-61m not assayed (near repeat of WM21-102).   
7) WM21-117  reported as 15 feet because  5-foot sample above was lost as the drill entered the vein zone. 

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Feeder Target Exploration

Four holes were drilled to offset a vein zone encountered in hole WM20-102, which intersected 1.5 metres of 0.404g/t Au and 269.0g/t Ag within a thicker interval of quartz veining with anomalous gold and silver mineralization. Hole WM21-116 was designed to test beneath the intercept in hole -102; however, the hole flattened significantly, testing much shallower and only intersecting moderately anomalous silver and gold. Hole WM21-117 also shallowed significantly and intersected only somewhat deeper than hole -102 with several 1.5m intervals of anomalous silver up to 54g/t Ag. Hole WM21-118 did not cross the fault but intersected narrow banded quartz vein zones with 1.5m intervals up to 78g/t Ag. Hole WM21-119 tested a projection of the fault/vein zone but unfortunately lost several samples crossing the zone; however, hole -119 did encountered anomalous values of gold and silver in banded low-temperature quartz veins at shallower levels than hole -102.

President, Joe Kizis, commented, "All four of the 2021 holes in the Feeder Target intersected banded quartz veins with anomalous selenium and precious metals beneath an intense halo of mercury and chalcedonic silica flooding. Zoning in geochemistry, alteration, and silica textures indicate upwelling hydrothermal fluids, but at a level above expected major gold deposition. Deeper testing of the banded quartz veins is justified, and new sites will need to be permitted. The upwelling zone constrained between impermeable Mesozoic metasediments and Tertiary volcanic rocks is a very attractive target for vein development."

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About Wind Mountain

The Wind Mountain Property is in northwestern Nevada approximately 160km northeast of Reno in a sparsely populated region with excellent logistics, including county-maintained road access and a power line to the property. It is an historic past-producing, bulk-tonnage gold-silver mine. An independent resource estimate and Preliminary Economic Evaluation for Wind Mountain commissioned by Bravada in 2012 reported:

  • 570,000 ounces of gold and 14.7 million ounces of silver in the Indicated category, and
  • 354,000 ounces of gold and 10.1 million ounces of silver in the Inferred category.

See the table below and news release NR-06-12 (April 11, 2012) for details of the resource update. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as mineral reserves. There is no assurance that any part of the resources will ultimately be converted to mineral reserves.

 Tonsoz Au/Toz Ag/TTonnesgms Au/Tgms Ag/Toz Auoz Ag
Indicated resource        
Oxide at 0.005 oz Au/ton cut off        
   58,816,0000.0100.2553,372,0510.3438.6564,60014,539,000
Mixed/Sulfide at 0.01 oz Au/ton cut off        
                498,0000.0120.40451,9060.41113.75,900197,000
Total    59,314,000     53,823,956        570,500  14,736,000
         
Inferred resource        
Oxide at 0.005 oz Au/ton cut off        
 19,866,0000.0060.1718,027,2230.2065.8125,2003,443,000
Mixed/Sulfide at 0.01 oz Au/ton cut off        
 14,595,0000.0160.4613,244,1020.54915.8229,1006,672,000
Total    34,461,000     31,271,325        354,300  10,115,000

 

Mine Development Associates compiled the Technical Report and PEA. Thomas Dyer, P.E. is a Senior Engineer for MDA and is responsible for sections of the Technical Report involving mine designs and the economic evaluation, and Steven Ristorcelli, C.P.G., is a Principal Geologist for MDA and is responsible for the sections involving the Mineral Resource estimate. These are the Qualified Persons of the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Economic Analyses of Mineral Projects. Details of the PEA produced by Mine Development Associates (MDA) of Reno can be found on SEDAR, as previously reported (see NR-07-12 dated May 1, 2012). Note that although the PEA was encouraging, it is preliminary in nature, it includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized.

About Bravada

Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. Bravada has successfully identified and advanced properties with the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Bravada's value is underpinned by a substantial gold and silver resource with a positive PEA at Wind Mountain, and the Company has significant upside potential from possible new discoveries at its exploration properties.

Since 2005, the Company signed 32 earn-in joint-venture agreements for its properties with 19 publicly traded companies, as well as a similar number of property-acquisition agreements with private individuals. Bravada currently has 10 projects in its portfolio, consisting of 810 claims for approximately 6,500 ha in two of Nevada's most prolific gold trends. Most of the projects host encouraging drill intercepts of gold and already have drill targets developed. Several videos are available on the Company's website that describe Bravada's major properties, answering commonly asked investor questions. Simply click on this link https://bravadagold.com/projects/project-videos/.

Joseph Anthony Kizis, Jr. (AIPG CPG-11513) is the qualified person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure.

-30-

On behalf of the Board of Directors of Bravada Gold Corporation

"Joseph A. Kizis, Jr."

Joseph A. Kizis, Jr., Director, President, Bravada Gold Corporation

For further information, please visit Bravada Gold Corporation's website at bravadagold.com or contact the Company at 604.684.9384 or 775.746.3780.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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NON-GAAP MEASURES

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SOURCE Montage Gold Corp.

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